Over a dozen times has Crypto been able to recover from China’s FUD in the past 12 years

China and Hong Kong have “banned or caused FUD in crypto space 18 times since 2009. Today’s Bitcoin price fell 5% following the “breaking” (read, weeks old) news from the People’s Bank of China (PBoC) that all cryptocurrency transactions were illegal. When cryptocurrencies were still very young, i.e. 2009 was when cryptocurrencies were still in their infancy. The Ministry of Culture and Ministry of Commerce of China banned the use of virtual currency for trading real-world goods. Although the ban did not specifically target Bitcoin (BTC), it set the precedent for the last ten years of anti-crypto regulations. In 2013, the PBoC banned Chinese financial institutions from processing BTC transactions. This news caused the price to drop to below $1,000 at a moment when BTC China or BTCC was the largest crypto exchange. The asset recovered in a matter of weeks. Fake ban threats plagued 20142014 and taught us that fake reports by PBoC regulators can sometimes be just as effective than real ones. In March, a Sina Weibo news story claimed that China’s central bank was planning to block all Bitcoin transactions within the country. It did this in less than a month. Although the report was false, it didn’t stop Bitcoin from falling.4: Around the same time, FXBTC, a Chinese-based crypto exchange, announced that it would shut down its doors due to threats from regulators to ban the exchanges. Both of these incidents may have contributed to Bitcoin’s drop from $709 to as low at $346. Around 119,756 BTC was stolen by hackers. This amount is more than $5 billion at the time this article was published. Some of the funds are still being traced to this day. It took three months for Bitcoin to move from the $4,000s to a then-all-time high of roughly $20,000.8 & 9: The PBoC declared that Chinese citizens would not have the right to fund initial coin offerings. It took three months for Bitcoin’s price to drop from $4,000 to $20,000.8 & 9. The price of Bitcoin dropped to $6,852 by mid-February. The price of Bitcoin had dropped more than 65% to $6,852 by mid-February. Despite a temporary price drop, new all-time highs were soon in sight. Since 2009, China has “banned or caused FUD in crypto space on more 18 occasions. Cointelegraph Markets Pro data shows that Bitcoin’s price fell by more than 5% over the last 24 hours but is now back above $43,000 as of the time of publication.

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